Updates to planning parameters on Lakepoint Condominium collective sale site
PropNex Realty, the unique advertising representative of the Lakepoint Residence collective sale, has publicized updates to the land preparation criteria of the site in a news release on July 13, following URA’s reply.
Lakepoint Residence, a 99-year leasehold project located on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender closed without proposals, and also PropNex has participated in private treaty discussions with engaged parties after the tender closed.
Along the southern border block facing landed houses, URA is prepared to loosen up the existing five-storey elevation control to seven-storey for the blocks. For the north-east border, blocks up to an elevation of 12 storeys could be sustained, ensured it does not exceed the height of the existing 12-storey block and a minimum trouble of 10m from the usual border with Caspian residence is imposed. URA has actually mentioned it is prepared to consider further relaxation of the building level of up to 16 floors for the continuing to be blocks along the north/north-west limit, based on a minimal 30m trouble from the typical border with Lakeholmz residence.
“We are heartened that the URA is prepared to unwind the differing elevation controls. With some of the blocks going as high as 12 as well as 16 floors, this will certainly capture spectacular sights of the Jurong Lake Gardens in the brand-new project,” claims Tracy Goh, head of financial investment as well as collective sales at PropNex.
URA has actually stated to the Lakepoint Condominium Collective Sale Board that it is “prepared to relax height controls for future properties on the area”, based on situations and also comprehensive evaluation upon official planning application, according to PropNex.
The existing tender is going to close on July 22 at 2pm.
JTC has actually additionally validated the property base line, which equates to a projected land price of $988 psf per plot ratio, inclusive of the development cost as well as lease top-up costs.
The reserve rate remains at $640 million.
Lakepoint Residence has a site area of 562,286 sq ft and is zoned for domestic usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The property comprises 304 residential devices and five shop devices. It rises within strolling distance of the Shore MRT Station. The site is additionally near the Jurong Lake District, which will certainly be the biggest mixed-use business district apart from the city centre. There are an overall of 2,652 domestic units within a 500m radius, of which 712 units are from the neighbouring Caspian.